Building a Data Foundation for Global Macro Trading
A US‑based systematic hedge fund specialising in algorithmic trading relies on high‑quality data to test its models and validate real‑time pricing during execution. As market conditions shifted to create more opportunities in macro and rates, the fund realised it needed a more robust data infrastructure to support both live trading and long‑term model development.
To manage risk effectively and uncover opportunity in fast‑moving markets, the firm required a data foundation that could keep pace with the complexity of its systematic approach.
The need for high quality interest rate and inflation data
The hedge fund’s investment and quantitative research teams needed comprehensive, high‑quality market data to support an expanding set of macro and rates‑based strategies. In particular, they were seeking access to real‑time and historical datasets covering key interest rate instruments, including cross‑currency basis swaps, interest rate swaps, invoice spreads, and swaptions implied volatility surfaces, alongside robust inflation data.
For a systematic manager, data quality is not optional. The firm required datasets with sufficient breadth of global coverage, deep historical time series, and high data frequency to enable accurate back‑testing, model training, and real‑time decision‑making.
To ensure they selected the highest‑value solution, the hedge fund launched a formal RFP process, canvassing a wide universe of OTC and alternative data providers. Each provider was assessed rigorously against the fund’s core criteria: coverage, historical depth, frequency, and market credibility.
Gold-standard interest rate data
This evaluation process ultimately led the firm to Parameta Solutions, whose data offering stood out for both its quality and its market provenance.
Parameta delivered ICAP interest rate and volatility data, sourced from ICAP’s global brokerage desks and widely recognised as the market gold standard across global OTC rates markets.
The dataset offered over 20 years of historical coverage, providing the long time series required to test strategies across multiple market cycles. Just as importantly, the data was available on both a tick‑by‑tick and end‑of‑day basis, allowing the firm to support a range of use cases—from high‑frequency signal generation to longer‑horizon macro research.
Combined with Parameta’s inflation datasets, the solution provided a comprehensive foundation for the fund’s present needs and its future strategy roadmap.
Seamless Data Delivery via Bloomberg B‑Pipe
As an organisation that already relied heavily on Bloomberg, the hedge fund chose to receive Parameta’s ICAP interest rate and inflation data through Bloomberg B‑Pipe. This allowed the firm to integrate the data directly into its existing infrastructure without disruption.
Alongside B‑Pipe delivery, Parameta also provided real‑time data via WebSocket and historical datasets through Snowflake, giving the fund flexible access across both live and end‑of‑day workflows. By using familiar channels and complementary delivery mechanisms, the firm avoided the complexity of managing entirely new integrations while maintaining consistency with established processes.
Implementation was swift, enabling the firm to move rapidly from onboarding to production use with full confidence in the integrity of the data.
The Outcome: Faster Insights, Stronger Strategies
With Parameta data flowing seamlessly through Bloomberg B‑Pipe, the hedge fund gained rapid access to the high‑quality interest rate and inflation data required to train its systematic trading models. Quantitative teams were able to accelerate research and back‑testing, while the investment team benefited from timely, reliable insights to support live trading decisions.
The result was a data infrastructure that not only met the fund’s immediate needs but also positioned it to scale its macro and rates strategies with confidence, backed by market‑standard data and a delivery model aligned with its existing technology environment.
About Parameta OTC Market Data
Parameta is the exclusive provider of OTC market data from TP ICAP’s leading brokerage brands, including ICAP, Tullett Prebon, and PVM.
We deliver high‑quality market data, indices, and analytics across interest rate swaps and options, money markets, inflation, FX, energy, and commodities.
Our solutions empower buyside companies with trusted insights to support trading strategy development, price discovery, pre‑ and post‑trade analytics, risk management, and regulatory compliance.
Contact us for more information or to request a data sample.
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